A man is pictured at the media center for the Belt and Road Forum at the National Convention Center in Beijing, May 12, 2017.Photo: Reuters

The two-day Belt and Road (B&R) Forum for International Cooperation just closed on Monday, gathering 29 heads of state and government from across the world as well as leaders of key international organizations in Beijing. The forum has yielded a list of deliverables, which includes 76 items comprising more than 270 concrete results in five key areas, namely policy, infrastructure, trade, financial and people-to-people connectivity.

In the future, policy connectivity and implementation of the projects will be smoother and capital allocation will be more diversified under the B&R Initiative.

With regard to global development, the B&R Initiative helps to “re-model” ways of interactions among countries in the world.

Firstly, the B&R Initiative has established a world pattern based on win-win cooperation instead of a zero-sum game. While many countries are undergoing rapid development and social transformation with anti-globalization trend likely to rebound, China’s B&R Initiative not only presents China’s developing experience to the world, but also provides a China solution to global governance and a more open and inclusive international platform.

Through building a transportation network connecting several continents and getting more involved in global development, China would further promote the internationalization of its capital, technology and services - an upgrade of traditional reform. Meanwhile, the country will also benefit from the new ideas from its partners.

The B&R Initiative, which focuses on the connectivity of infrastructure construction, will also facilitate the flow of production factors among B&R countries and find new economic growth drivers. The philosophy of win-win cooperation prioritizes developing countries’ benefits and will help rebalance global economy.

Secondly, the B&R Initiative put forward by China advocates the spirit of peace, openness, inclusiveness and learning from each other, which is beyond the bounds of nationality or ideology. It is China’s rational thinking on the future development of human beings.

The B&R Initiative is aimed to show the importance of globalization to the world, which is now facing threat of anti-globalization and protectionism, through regional and global cooperation. The Initiative also calls for the concept of establishing “a community of common destiny of mankind”, which would bring more energy to overcome difficulties and challenges.

Thirdly, one of the contributions the B&R Initiative has made to the world is the idea of global governance. While traditional global governance is centered on developed countries, the new model of global governance will be based on principles of achieving shared growth through discussion and collaboration, respecting and responding to benefits and demands of all countries.

However, there are challenges to realizing these goals, which require China to make timely assessment and figure out solutions. For instance, further explanation and communication are still needed on the B&R Initiative with some developed countries like Japan and the United States which have significant influence in the world. Beyond that, it also needs domestic support to further promote the Initiative.

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